Cryptocurrencies have slid further, eclipsing US President Donald Trump’s recent efforts to buttress the industry.
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Crypto exchange Luno says this classification will lead to increased institutional investment and greater tax collection.
Donald Trump’s proposed national reserve of cryptocurrencies in the US is fraught with danger.
Bitcoin was trading up more than 20% from last week’s lows on Monday.
Bitcoin fell below $90 000 for the first time in more than a month, becoming the latest victim of a widening rout in crypto.
The move by Altvest, which emulates US company MicroStrategy, will “fully comply with relevant financial regulations”.
After outperforming most asset classes in 2024, bitcoin now finds itself under pressure amid global instability.
European Central Bank president Christine Lagarde said it’s improbable that any EU country will choose to add bitcoin to its monetary reserves.
“Why don’t we hold strategic beef reserves, or mutton reserves, or apple reserves? Why bitcoin?” the Reserve Bank governor said.
Bitcoin topped R2-million for the first time on Monday, just 11 months after it breached the R1-million mark.